RETL vs. UPRO

Last updated Jun 13, 2026

RETL (Direxion Daily Retail Bull 3X Shares) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds - RETL tracks the Russell 1000 Retail Index (300%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, RETL returned -3.60%/yr vs 29.76%/yr for UPRO. A 0.67 correlation means they provide meaningful diversification when combined. RETL charges 0.99%/yr vs 0.89%/yr for UPRO.

Performance

RETL vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Retail Bull 3X Shares (RETL) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RETL achieves a -0.70% return, which is significantly lower than UPRO's 20.70% return. Over the past 10 years, RETL has underperformed UPRO with an annualized return of -3.60%, while UPRO has yielded a comparatively higher 29.76% annualized return.

RETL

• 1D: 0.11%
• 1M: 30.06%
• YTD: -0.70%
• 6M: -9.36%
• 1Y: 19.94%
• 3Y*: 10.78%
• 5Y*: -27.38%
• 10Y*: -3.60%

UPRO

• 1D: 1.54%
• 1M: -1.71%
• YTD: 20.70%
• 6M: 21.09%
• 1Y: 64.83%
• 3Y*: 46.83%
• 5Y*: 21.40%
• 10Y*: 29.76%

*Multi-year figures are annualized to reflect compound growth (CAGR)

RETL vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RETL Direxion Daily Retail Bull 3X Shares	-0.70%	-5.98%	9.59%	33.62%	-80.80%	101.03%	63.63%	23.41%	-35.21%	-1.31%
UPRO ProShares UltraPro S&P 500	20.70%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%

Correlation

The correlation between RETL and UPRO is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jul 14, 2010	0.67

The correlation between RETL and UPRO shifts across timeframes, from 0.59 (1 year) to 0.71 (5 years), reflecting how their relationship changes across market environments.

RETL vs. UPRO - Sectors Allocation Comparison

Sectors	RETL	UPRO
Consumer Cyclical	14.0%	4.5%
Consumer Defensive	3.9%	2.0%
Communication Services	0.3%	4.8%
Technology	0.3%	17.8%
Healthcare	0.3%	3.8%
Energy	0.3%	1.4%
Basic Materials	-	0.8%
Financial Services	-	28.8%
Industrials	-	3.4%
Real Estate	-	0.8%
Utilities	-	1.1%

Return for Risk

RETL vs. UPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RETL

RETL Risk / Return Rank: 17
RETL Sharpe Ratio Rank: 15
RETL Sortino Ratio Rank: 19
RETL Omega Ratio Rank: 18
RETL Calmar Ratio Rank: 16
RETL Martin Ratio Rank: 15

UPRO

UPRO Risk / Return Rank: 57
UPRO Sharpe Ratio Rank: 61
UPRO Sortino Ratio Rank: 52
UPRO Omega Ratio Rank: 54
UPRO Calmar Ratio Rank: 55
UPRO Martin Ratio Rank: 64

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RETL vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Retail Bull 3X Shares (RETL) and ProShares UltraPro S&P 500 (UPRO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	RETL	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	0.33	1.77	-1.44
Sortino ratio: Return per unit of downside risk	0.92	2.23	-1.32
Omega ratio: Gain probability vs. loss probability	1.10	1.30	-0.19
Calmar ratio: Return relative to maximum drawdown	0.53	2.43	-1.91
Martin ratio: Return relative to average drawdown	1.08	10.01	-8.94

RETL vs. UPRO - Sharpe Ratio Comparison

The current RETL Sharpe Ratio is 0.33, which is lower than the UPRO Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of RETL and UPRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RETL vs. UPRO - Drawdown Comparison

The maximum RETL drawdown since its inception was -92.00%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for RETL and UPRO.

Drawdown Indicators

	RETL	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-92.00%	-76.82%	-15.18%
Max Drawdown (1Y) Largest decline over 1 year	-38.08%	-26.78%	-11.30%
Max Drawdown (3Y) Largest decline over 3 years	-62.72%	-48.87%	-13.85%
Max Drawdown (5Y) Largest decline over 5 years	-92.00%	-63.94%	-28.06%
Max Drawdown (10Y) Largest decline over 10 years	-92.00%	-76.82%	-15.18%
Current Drawdown Current decline from peak	-82.95%	-7.60%	-75.35%
Average Drawdown Average peak-to-trough decline	-37.62%	-14.40%	-23.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.57%	6.50%	+12.07%

Volatility

RETL vs. UPRO - Volatility Comparison

Direxion Daily Retail Bull 3X Shares (RETL) has a higher volatility of 16.60% compared to ProShares UltraPro S&P 500 (UPRO) at 13.22%. This indicates that RETL's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RETL	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.60%	13.22%	+3.38%
Volatility (6M) Calculated over the trailing 6-month period	40.99%	28.74%	+12.25%
Volatility (1Y) Calculated over the trailing 1-year period	60.71%	36.77%	+23.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.51%	50.52%	+28.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.80%	53.83%	+25.97%

RETL vs. UPRO - Expense Ratio Comparison

RETL has a 0.99% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

RETL vs. UPRO - Dividend Comparison

RETL's dividend yield for the trailing twelve months is around 0.51%, less than UPRO's 0.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RETL Direxion Daily Retail Bull 3X Shares	0.51%	0.58%	1.13%	1.35%	0.71%	0.22%	0.19%	0.92%	1.19%	0.01%	2.60%	0.00%
UPRO ProShares UltraPro S&P 500	0.72%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Frequently Asked Questions

Can I hold both RETL and UPRO in my portfolio?

RETL and UPRO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RETL or UPRO?

RETL has higher volatility (16.60%) compared to UPRO (13.22%). In terms of maximum drawdown, RETL dropped -92.00% vs UPRO's -76.82%.

Which ETF is better, RETL or UPRO?

On 10-year performance, UPRO leads with 29.76% vs -3.60% for RETL. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 13.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RETL or UPRO?

Over the 10-year period, UPRO has performed better with a 29.76% return vs -3.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RETL or UPRO?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.99% for RETL.

Which ETF pays a higher dividend yield, RETL or UPRO?

UPRO has the higher dividend yield at 0.72%, compared with 0.51% for RETL.

What is the main difference between RETL and UPRO?

RETL tracks Russell 1000 Retail Index (300%), while UPRO tracks S&P 500. They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.99% for RETL and 0.89% for UPRO.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.77 vs 0.33), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.